- Whales wake up as Dogecoin continues to show a weak price correlation with Bitcoin.
- Two simultaneous transfers spotted on-chain hint at whale’s accumulation motives.
- Avalanche and Chainlink soar past Dogecoin: key on-chain metrics unfold the reasons.
Dogecoin’s TOP 10 status is in jeopardy, as the top dog memecoin fell behind Chainlink (LINK) and Avalanche (AVAX). While most large-cap altcoins recorded double-digit gains in the last seven days, Dogecoin remained only slightly bullish, fetching just 5% gains in the same timeframe.
Whale Makes Major Moves Amid Market Indecision
As the broader market sentiment for DOGE remains unstable, some whales take the opportunity to bank on the moment. One whale flipped 250 million Dogecoin in two simultaneous withdrawals from Robinhood. Sending millions of DOGE from the popular American crypto exchange to a decentralized crypto wallet, the whale shows signs of accumulation.
Right after the initial transfer of 150M DOGE, the crypto whale transferred another 100 million 21 minutes later to the same wallet address. To date, the receiving address holds 3,158,933,422 Dogecoins, converting to $255.58 million at the time of publication.
Key Hurdles for Dogecoin’s TOP 10 Comeback
A long-time TOP 10 by global market cap contender, Dogecoin had to make way for Chainlink (LINK) and Avalanche (AVAX), but the price movement isn’t the only issue. AVAX encompasses over $1 billion in trading volume in the last 24-hour period, while LINK is not far behind with $898 million, according to CoinGecko.
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However, Dogecoin’s daily trading volume is $568,023,947, with pending sell orders outsourcing the pending buys of $352 million to $308 million. Despite the aforementioned whale shuffling 250M DOGE, whale activity on the Proof of Work (PoW) network rapidly decreased, according to the technical on-chain analyst Ali Martinez.
As DOGE hovers above the hefty support cluster of $0.08, the canine coin falls from the daily height of $0.0831 and points to a neutral Relative Strength Index (RSI) at 53 on the daily charts. This represents a calm down in investor sentiment, as DOGE finished January 2024 with a 1095% hike in freshly registered crypto wallets upon DOGE-1 space rocket launch updates.
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While DOGE has a fair chance of climbing above LINK with a $11.55 billion market cap versus $11.59bn, reclaiming #10 won’t be an easy task, as there’s a nearly $3 billion gap in comparison to AVAX’s $14.46 billion.
On the Flipside
- Besides technical parameters, a lot depends on Dogecoin’s hyped adoption process.
- To illustrate, XPayments is speculated to integrate Dogecoin on Twitter soon.
- DOGE clung on the DOGE-1 X-Band space rocket hype, due for launch this month.
Why This Matters
Dogecoin is one of the most highly-publicized cryptocurrencies with a large holder base, as well as the largest Proof of Work (PoW) consensus blockchain aside from the leading Bitcoin (BTC).
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